United Dye Plans Changes
FINANCI >
Institutional Favorites The professionally managed portfolios of 134 institutional investors held 28.5% of Du Pont's outstanding common stock at the end of last year, according to a tabulation made by The Exchange. Of 2 5 blue chip stocks held in largest proportion by these institutions, only CocaCola—30.5% owned—outranked D u Pont in this respect. Market value of the Du Pont common held by the institutions, totaling nearly $2.2 billion, was far greater than that of any other of the firms. Ranked second was Standard Oil of New Jersey ($474 million). The table shows what proportion of the common stock of other leading chemical and petroleum companies was owned at the end of 1954 by the insurance and investment companies, college endowment funds, and foundations covered in the survey. Total Number Shares Held % Held by of Shares by Institutions Institutions 12,996,334 28.5 45,604,345 13.6 1,242,722 9,105,822 8.6 455,627 5,270,051 7.3 2,367,927 32,466,814 6.5 4,267,974 65,433,474 5.1 888,899 17,407,109 5.1 1,533,116 30,106,851 4.9 1,113,558 22,651,017 4.8 1,709,619 35,512,203
Du Pont Allied Chemical Monsanto Standard Oil (Ind.) Standard Oil (N.J.) Eastman Kodak Standard Oil of Calif. Dow Socony Mobil
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1955
United Dye & Chemical, producer of dyeing and tanning extracts, plans* to submit a recapitalization plan for stockholder approval providing for retirement of United's 18,000 shares of 7?r cumulative preferred stock and its outstanding bond issue by an exchange of securities. Over 12,000 shares of preferred had been retired in the past couple of years through a company offer, now expired, to exchange preferred stock for 67r debentures and common stork. Present accumulation of unpaid dividends on the preferred amounts to about $54.25 and common stock dividends have not been paid since 193S. United has shown an anuual deficit since 1952; for the nine-months period ending Sept. 3 0 , however, domestic operations were in the black to $53,000 as against a deficit of $4.000 for the like period of 1954. A merger between United and Handridge Oil, which through a subsidiary operates an oil pipeline in Wyoming, has been approved by directors of both companies. According to V. D. Dardi, United president, the company plans to expand in chemical and petrochemical fields after completion of the merger and recapitalization.
• Interchemical has declared a yearencl dividend of 3 0 cents a share, pay-· ahle Dec. 30, bringing total payments for the year to $2.70 a common share, compared with $2.20 in 1954. At the next dividend meeting, in January, Interchemical's board of directors plans t o declare a 15% stock dividend. The board expects to maintain the current quarterly dividend rate of 65 cents a share on the increased number of shares, which will then be approxi mately equivalent to a quarterly rate of 75 cents on stock now outstanding.
ENGINEERS-CHEMISTS Apply now a t Atomics International—where peaceful applica tions of nuclear energy has created interesting opportunities for experienced technical personnel. Can You Qualify for These Positions? R ESE A R C H
M.S., Ph.D. or equivalent with training or experience in high temperature inorganic and physical chemistry for assignments in research and development program involving high temper ature processing of nuclear reactor fuels.
• Standard Oil (Indiana) plans to call for redemption Feb. 10 of $30 million of its outstanding $120 million of 3VK9fc debentures. Redemption price is 103'/i plus accrued interest. The debentures are convertible into capital stock at a price of $43.50 a share; the stock was selling recently at slightly above 50 on the New York Stock Ex change.
CHEMICAL
filed
Write: M r . G . W. N e w t o n , Personnel Office A t o m i c s International 2 1 6 0 0 V a n o w e n Street C a n o g a Park, Calif.
ATOMICS INTERNATIONAL A Division of r North 'American A v i a t i o n , Inc.
a
registration statement with SEC cover ing $1,050,000 of 10-year 6% sinking | fund debentures and 105,000 shares of ί common stock. The securities are to \ b e offered in units consisting of $50 of debentures and 5 common shares at $52.50 per unit. Net proceeds will be used by Western States for refinery ex pansion, construction of service stations, payment of outstanding obligations, unci working capital. • Swift & Co. reports net income rose t o $22.9 million for its fiscal year end ing Oct. 29, 209fc above income for fiscal 1954. Earnings were equivalent t o $3.87 a share, compared with $3.22 a share for the preceding fiscal year, Because of lower selling prices, however, sales dropped to $2.4 billion from $2.5 billion. Net earnings averaged one cent for each sales dollar during the latest year, against 0.8 cent last year. • Arapahoe Chemicals is selling 1800 shares of its common stock. The of fering, undertaken without the aid of an underwriter, will first be made to present stockholders; any unsubscribed shares will be sold publicly. Stock holders rights to purchase the new common shares will expire on Jan. 14, 1956.
ENGINEERS
B.S., M.S. or Ph.D. with background in high temperature processing, mechanical fabrication, heat transfer, fluid flow or development engineering.
• Texas Co. does not plan to turn to new outside financing for its planned 81.5-billion. 5-year expansion program, Texaco president A. C. Long recently told the New York Society of Security Analysts. The company expects to ob tain sufficient funds for the record pro gram from depreciation and retained earnings, but will seek outside financ ing if conditions develop to make this impractical. • W e s t e r n States Refining has
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2 6.
1955
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